"Doubled My APR So I Opted Out."
Citi® Platinum Select® MasterCard Review
Written by: bizco on 2010-11-29
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bizco's review: 
I've had various Citi cards for more than 20 years. Back in January 2009 I received a change in terms notice that said my APR was increasing from the current 7.99% to a "minimum" of 14.99%. All other fees were increasing too but I didn't care about that as I'm never late, go over my limit, etc. The ridiculous APR increase was no doubt due to the new Card Act.
I chose to opt out of the new terms so my account would automatically close upon the expiration date, which is tomorrow 11/30/2010. I did this in part out of principle (I'm a great customer!), but also because in 2007 I opted out of a similar APR increase from Citi and they DID NOT automatically close my account as they promised and I was able to keep my current low APR for another 3 years. I thought I would try it again... No dice. They confirmed my account will close tomorrow. They said I would need to reapply as a new customer if I wanted a new card.
To protect my credit scores (EQ 805, EXP 820, TU 809) I want to open a new credit card that will give me at least the same or better CL of $8,400 that I had with Citi. I already have a Capital One card so I'm not interested in another. Any advice would be greatly appreciated.
I've had various Citi cards for more than 20 years. Back in January 2009 I received a change in terms notice that said my APR was increasing from the current 7.99% to a "minimum" of 14.99%. All other fees were increasing too but I didn't care about that as I'm never late, go over my limit, etc. The ridiculous APR increase was no doubt due to the new Card Act.I chose to opt out of the new terms so my account would automatically close upon the expiration date, which is tomorrow 11/30/2010. I did this in part out of principle (I'm a great customer!), but also because in 2007 I opted out of a similar APR increase from Citi and they DID NOT automatically close my account as they promised and I was able to keep my current low APR for another 3 years. I thought I would try it again... No dice. They confirmed my account will close tomorrow. They said I would need to reapply as a new customer if I wanted a new card.
To protect my credit scores (EQ 805, EXP 820, TU 809) I want to open a new credit card that will give me at least the same or better CL of $8,400 that I had with Citi. I already have a Capital One card so I'm not interested in another. Any advice would be greatly appreciated.
2 Comments
Comment 1 by joeyman
Re: Doubled My APR So I Opted Out. 
on 2010-12-01
With your scores, you can pretty much get any card you want. It really depends on which type of rewards you prefer, for example some like cash back cards more than points cards. If you're a big spender you could look into a card that offers unlimited cash back. The AMEX Blue Cash is nice but you have to spend $5k until the up to 5% cash back option starts, Finance Globe members here praise the Chase cash back cards. Although, personally I try and avoid banks like Chase. If you don't already have an AMEX I suggest you consider them, I've had mine for about 2-3 months and love it very much. I have the Zync charge card with no preset spending limit and plan on applying for the Blue Cash in about six months.
on 2010-12-01 With your scores, you can pretty much get any card you want. It really depends on which type of rewards you prefer, for example some like cash back cards more than points cards. If you're a big spender you could look into a card that offers unlimited cash back. The AMEX Blue Cash is nice but you have to spend $5k until the up to 5% cash back option starts, Finance Globe members here praise the Chase cash back cards. Although, personally I try and avoid banks like Chase. If you don't already have an AMEX I suggest you consider them, I've had mine for about 2-3 months and love it very much. I have the Zync charge card with no preset spending limit and plan on applying for the Blue Cash in about six months.
Comment 2 by wanderer
Re: Doubled My APR So I Opted Out. on 2010-12-01
Suggest the Chase Freedom Card with your scores. Consider the one that requires excellent credit. I have done very well with my Chase Freedom Card. They are about the tops on flexibility and in rewards payouts!
on 2010-12-01 Suggest the Chase Freedom Card with your scores. Consider the one that requires excellent credit. I have done very well with my Chase Freedom Card. They are about the tops on flexibility and in rewards payouts!
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Disclaimer: This content is not provided by Citibank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citibank. Review content is powered by Finance Globe.
